Global optimism and confidence in Indian economy: PM Modi at G20 trade ministers' meet in Jaipur

In his speech at the G20 Trade and Investment Ministers' Meeting, Prime Minister Narendra Modi outlined India's commitment to economic reform, transparency, and innovation, along with its efforts to foster resilience in global value chains.

Team Newsable

Published: Aug 24, 2023, 9:47 AM IST

India is today seen as a combination of openness, opportunities and options, Prime Minister Narendra Modi said on Thursday while addressing the G20 Trade and Investment Ministers’ Meeting. He further said that global optimism and confidence are seen in the Indian economy. "Over the past nine years, India has risen to become the world's fifth-largest economy, the result of our sustained endeavours," he stated. "We embarked on the journey of ‘Reform, Perform, and Transform’ in 2014. We have increased competitiveness, and enhanced transparency. We have expanded digitization, and promoted innovation," he said.

He continued, "We have moved away from red tape to red carpet and liberalized FDI flows. Initiatives like Make in India and Aatma Nirbhar Bharat have given a boost to manufacturing. Above all, we have brought policy stability. We are committed to making India the third largest global economy in the next few years."

Recognizing the G20's responsibility to restore confidence in international trade and investment, especially in light of global challenges such as the pandemic and geopolitical tensions, PM Modi called for the establishment of resilient and inclusive global value chains capable of withstanding future shocks. He reiterated India's intention to create a Generic Framework for Mapping Global Value Chains, which will assess vulnerabilities, mitigate risks, and enhance resilience.

Highlighting the transformative influence of technology in trade, PM Modi emphasized that India's transition to a single online indirect tax system, the GST, has facilitated the creation of a unified domestic market, boosting interstate trade.

Additionally, the Unified Logistics Interface Platform has made trade logistics more cost-effective and transparent. The 'Open Network for Digital Commerce' is set to democratize India's digital marketplace ecosystem, much like the Unified Payments Interface has done for payment systems. The digitization of processes and the use of e-commerce have the potential to improve market access significantly.

The Prime Minister commended the efforts within the G20 to formulate 'High-Level Principles for the Digitalization of Trade Documents,' which can assist countries in implementing cross-border electronic trade measures and reducing compliance burdens.

He stressed, "As cross-border e-commerce continues to expand, challenges arise. We must collectively work to ensure fair competition between large and small sellers and address issues concerning fair price discovery and grievance handling mechanisms for consumers."

Furthermore, PM Modi underlined that increasing the participation of the micro, small, and medium-sized enterprise (MSME) sector in global trade and global value chains is a priority during India's G20 presidency.

He expressed confidence that the proposed 'Jaipur Initiative to Foster Seamless Flow of Information to MSMEs' will tackle the problem of inadequate access to market and business-related information faced by MSMEs. He also anticipated that the upgrade of the Global Trade Help Desk would boost MSME participation in global trade.

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